"Even one year of high health costs, like being hospitalized for surgery, could force most seniors to spend through their savings faster, or go into debt," says TSCL Chairman, Ed Cates. "Most retirees are dealing with fragile fiscal safety nets," he says. "What makes this finding so significant is that most Medicare health plans have annual out-of-pocket maximums that exceed ,000," Cates adds..The new Congress has been sworn into office but little in the way of legislation regarding Social Security, Medicare or Medicaid has yet been introduced. As we all are no doubt aware, there have been other things on Congress' plate the last week or two, to say the least. But once President Biden is sworn into office this Wednesday Congress will return and the legislative season will be off and running..With just days remaining before the looming deadline, TSCL will be keeping a close eye on the evolving omnibus bill. If lawmakers fail to reach an agreement in time, the federal government would once again shut down, and Social Security beneficiaries could see delays in their monthly checks. In addition, reimbursements for doctors who treat Medicare patients could be interrupted. For updates on the progress of the omnibus over the next few days, visit our page on Facebook, or our new account on Twitter..Shop your local farmers' markets, and growers. Until you've sampled just - picked local fruits and vegetables, you really haven't tasted produce at its peak. Not only will you find better quality and better tasting produce, often grown organically, you'll find better prices too, especially when there's a glut and the grower has limited storage space. August, for example, is your best time to stock up on tomatoes, beans, corn, squash, cucumbers, peppers, melons and eggplant..Finally, three new cosponsors signed on to the Improving Access to Medicare Coverage Act, bringing the total up to one hundred and fifty-one. The new cosponsors are Reps. Henry Cuellar, Leonard Lance, and Charles Rangel. If signed into law, H.R. 1179 would amend current Medicare policy to count hospital stays under "observation status" towards the three-day requirement for skilled nursing care. Currently, those under "observation status" don't qualify for coverage of the benefit, and they are often hit with large, unexpected bills after receiving necessary medical care..Here's an example of how it might work for you if you receive ,400 from your 401 and ,600 from your IRA. To figure your provisional income, take one - half of your Social Security = ,000. Let's say the taxable portion of your 401 is ,200, and of your IRA is the full ,600. That adds up to a provisional income of ,800 and a portion of your Social Security benefits would be taxable..After repeated refusals over three and a half years, the federal government has released to TREA Senior Citizens League the first known public copy of the Social Security Totalization Agreement with Mexico. The Social Security Administration recently agreed to make the disclosure in response to a lawsuit filed under the Freedom of Information Act by TSCL..All of this adds up to less money for retirement, and greater dependence on Social Security as insurance against retirement savings that are so closely tied to the value of equities and housing. "This situation was caused by COVID-19 and illustrates why Congress needs to strengthen Social Security and Medicare benefits," Johnson says. The Senior Citizens League supports legislation that would boost Social Security benefits for all retirees and supports legislation that would lower Medicare costs..To make things safer due to the coronavirus, lenders are transitioning to a virtual home mortgage process, and most areas are served by mobile notary services. Currently, there are at least 26 states that allow some form of remote online notarizations.
